It's all about supply and demand.

Over the past few years there have been plenty of home sellers... but WAY more home buyers.  This resulted in buyers fighting over each new listing, competing to offer the most compelling terms, often being willing to pay a higher and higher price.

Basically...

[ Plenty Of Sellers ]  +  [ Way More Buyers ]  =  [ Rising Prices ]

Some think that given higher mortgage interest rates and seemingly fewer buyers in the market, that we are certainly going to see home prices start to decline in this area.  I suspect that will only happen if we see significantly higher inventory levels (of homes available for sale) such that sellers find themselves fighting over each new buyer, competing to be willing to offer buyers the most compelling terms, often being willing to accept a lower and lower price.  (I'm exaggerating a bit here, but I just flipped the language above to show you what I mean.)

That type of a market would look like this...

[ Lots Of Sellers ]  +  [ Not Many Buyers ]  =  [ Falling Prices ]

Until and unless we actually see measurable, significant increases in inventory levels, what I think we'll actually see is...

[ Plenty Of Sellers ]  +  [ Fewer But Plenty Of Buyers ]  =  [ Stable Or Rising Prices ]

Feel free to offer up your counterpoints or contrary perspectives.  I'd love to hear them!